Awareness of the Differences Between Islamic Insurance and Conventional Insurance amongst Students of Islamic Studies in Sri Lanka

Authors

  • Mohamed Naushad Mohamed Minaz Department of Islamic Studies, Faculty of Islamic Studies and Arabic Language, South Eastern University
  • Sayed Mohamed Mohamed Mazahir Department of Islamic Studies, Faculty of Islamic Studies and Arabic Language, South Eastern University
  • Ahamed Mukthar Faiser Fathima Nihla Department of Islamic Studies, Faculty of Islamic Studies and Arabic Language, South Eastern University
  • Kalanthar Lebbe Fathima Masliha Department of Islamic Studies, Faculty of Islamic Studies and Arabic Language, South Eastern University

DOI:

https://doi.org/10.21154/invest.v3i1.5794

Keywords:

awareness, insurance, Islamic insurance, Takāful, Sri Lanka

Abstract

This study investigates Takaful, an Islamic insurance model, as a viable alternative to conventional insurance. It identifies the issue of insufficient awareness and understanding of Takaful among Sri Lankans despite its increasing popularity in the region. This study aimed to assess the level of awareness and acceptance of Takaful and identify the factors influencing these aspects. The research methodology involved a survey of Sri Lankan consumers, with data collected through questionnaires. The findings indicate that although there is a rising demand for Takaful in Sri Lanka, a significant number of individuals remain either unaware of it or are hesitant to utilize it due to misconceptions. The study suggests that enhancing awareness and comprehension of Takaful could foster greater participation in this form of insurance in Malaysia. Future research should investigate the reasons for the lack of engagement with Takaful and explore strategies to promote insurance literacy and engagement.

Author Biographies

Mohamed Naushad Mohamed Minaz, Department of Islamic Studies, Faculty of Islamic Studies and Arabic Language, South Eastern University

Mohamed Naushad Mohamed Minaz is a student of the South Eastern University of Sri Lanka. He is currently pursuing a Bachelor of Arts Honours degree in Islamic Banking and Finance in the Faculty of Islamic Studies and Arabic Language. Islamic finance, takaful, green finance, sukuk, climate finance and multidisciplinary areas are his research interests.

Sayed Mohamed Mohamed Mazahir, Department of Islamic Studies, Faculty of Islamic Studies and Arabic Language, South Eastern University

Professor Seyed Mohamed Mohamed Mazahir is a former Dean of the Faculty of Islamic Studies and Arabic Language, South Eastern University of Sri Lanka. He is a Professor of Islamic Culture in the Department of Islamic Studies. He successfully completed his Ph.D. from the University of Malaysia. He is an outstanding researcher in the field of Islamic Studies in Sri Lanka.

Ahamed Mukthar Faiser Fathima Nihla, Department of Islamic Studies, Faculty of Islamic Studies and Arabic Language, South Eastern University

Ahamed Mukthar Faiser Fathumma Nihla is a student of the South Eastern University of Sri Lanka. She is pursuing a Bachelor of Arts honors degree in Islamic Banking and Finance in the Department of Islamic Studies in the Faculty of Islamic Studies and Arabic Language. Islamic Economics, Gender Studies in Islam, Islamic Banking are the areas of her research interest.

Kalanthar Lebbe Fathima Masliha, Department of Islamic Studies, Faculty of Islamic Studies and Arabic Language, South Eastern University

Kalandher Lebbe Fathima Masliha is a graduate of Bachelor of Arts Honours in Islamic Banking and Finance and currently pursuing MPhil in Faculty of Islamic Studies and Arabic Language. She is a former Assistant Lecturer in the Department of Islamic Studies in the South Eastern University of Sri Lanka. Salam Finance, Shariah Governance, Islamic Finance are her research interests.

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Published

2023-06-06

Issue

Vol. 3 No. 1 (2023)

Section

Articles

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